Blackstone is said to be poised to acquire a large part of Facebook’s new European headquarters in Ballsbridge, Dublin 4.
The US private equity giant’s bid of around €400m is understood to have prevailed in the face of stiff competition from a host of parties including Tishman Speyer and Deka Immobilien. It also comfortably exceeds the €395 million guide price set when the investment was brought to market last September.
If the transaction goes through, Blackstone will see secure ownership of four buildings comprising 31,536 square meters (339,456 square feet) of office space on the broader campus of 83,612.7 square meters (900,000 square feet) being delivered on the former AIB site. .
The sale is being made on behalf of the Serpentine Consortium, a union of individuals and companies assembled by AIB Private Banking and Goodbody Stockbrokers. The Irish Times’ efforts to contact the selling agent, Cushman & Wakefield, for comment were unsuccessful.
The second largest university campus
Ballsbridge’s Facebook campus is poised to become the second largest Facebook campus globally, only swelled in size by its global headquarters in Menlo Park, California. Ultimately, more than 60 Facebook teams will be located in Ballsbridge. It will also be home to employees working on its subsidiary apps, WhatsApp, Instagram and Messenger, and the virtual reality unit Oculus.
The most prominent element of the campus will face Merrion Road and is being developed by Johnny Ronan’s Ronan Real Estate Group. Piazza Fibonacci, as you will know it, is expected to comprise 34,838 square meters (375,000 sq ft) and have been entirely allowed to Facebook under a 25-year lease starting in 2022. The four squares being sold by the Serpentine Consortium at the same time are also fully let-off. for Facebook and provide a weighted average of an unexpired lease term of more than 15 years. The leases are held on full repair and insurance terms and benefit from increased open market rent reviews every five years only, which are scheduled for October 2022.